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  • Algorand has adopted a new self-custodial exchange as part of a deeper focus on DeFi.
  • ALGO bulls regained control, but the stakes remained high as directional uncertainty crept in.

Algorand [ALGO] revealed a new development on January 19, which may underscore a potential strategy for harnessing growth through DeFi. The blockchain network has revealed that the C3 protocol has rolled out a new self-custodial exchange called “C3”.

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The theme of police custody, which has become increasingly popular in 2023, was essential to understanding this partnership. 2022 has plagued the fall of crypto exchanges. Additionally, the community has witnessed the cracks and risks in depository and centralized exchanges.

The launch of C3 could likely encourage self-custody and allow Algorand to tap into the DeFi segment. The latter is perhaps one of the fastest growing segments, and this move by Algorand could put it in a position to take advantage of that growth.

ALGO is bouncing back at this key level

It’s been an interesting week for ALGO’s performance, as well as the broader crypto market. However, there have been some dips over the past few days, which resulted in a 12% correction from the recent monthly high. Fortunately, this retracement was short-lived as prices rebounded off the 50-day moving average, which undoubtedly acted as a psychological buy zone.

ALGO course

Source: Trading View

It should be noted that the price also rebounded after meeting the 50% RSI level. In addition, there has been a rise in social domination. This may have been a sign of increased attention to ALGOhalting the decline and eventually manifesting in bullish volume.

Algorand social volume

Source: Sentiment

How many are 1,10,100 ALGO worth today?

The above observation was consistent with a bullish pivot seen in ALGO’s Weighted Sentiment on January 17th. This confirmed that investor the outlook favored the bulls, hence the short-lived decline. This bullish-centric sentiment may have been bolstered by Algorand’s resumption of development activity since early January.

Algorand development activity and weighted sentiment

Source: Sentiment

The current of ALGO price action reflects the overall performance of the crypto market. It was therefore difficult to predict the next move with 100% accuracy. However, investors should at least be pleased with Algorand’s increased focus on DeFi.

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